NSE ASI sheds 0.14% amid Renewed Profit Taking Activity

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; NIBOR Moves in Mixed Directions…
The domestic bourse dipped by 0.14% amid renewed sell pressure despite the Exchange recording 21 gainers as against 15 losers at the close of trade.

Given investors’ negative sentiment towards equities, shares of ZENITHBANK and INTBREW plummeted by 1.94% and 9.48% respectively, thus, dragging their respective sectorial gauges lower by 0.27% and 0.85%.

Also, the total volume and value of traded equities declined by 50.29% and 60.25% to 220.62 million units and N2.24 billion respectively.

Hence, the year-to-date gain of the NSE ASI reduced to 3.62%.

However, the Oil/Gas sector increased by 0.49% as shares of OANDO rose by 3.17%. Elsewhere, NIBOR moved in mixed directions across tenure buckets while NITTY rose for most maturities tracked. In the bond market, value of the OTC FGN long term papers maintained a decrease for all maturities tracked amid sell pressure.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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